The present invention relates generally to the field of generating electronic forms relating to financial or other products, in particular, to a method and system for enabling users (e.g., agents, sellers, etc.) to generate forms templates customized to a client based on a web-based pre-interview process where the forms templates may be completed during an interview process with the client which may occur disconnected from the web where a set of forms may be generated based on the interview process and other data.
Financial products offer various benefits to users with different needs. For example, financial products may serve long term purposes, such as retirement security. With the wide range of complex financial products, clients generally lack sufficient knowledge to understand and compare the benefits of such products. Further, procedures to purchase financial products may be confusing and burdensome to a client with little knowledge of the product. Regulatory and other considerations may further complicate an investment decision process. For example, client qualification, appropriate guidelines, state restrictions and other similar factors may be considered.
An example of a useful financial product is an annuity. An annuity is a flexible retirement planning tool which allows a client's retirement savings to increase on an income tax-deferred basis. The client may choose a payout option that best suits the client's need for income during retirement. Annuities may be customized to a client's needs and concerns.
Annuities may include fixed and variable annuities. Both types of annuities offer a variety of contribution and payout options. With a fixed annuity, the premiums paid earn a fixed rate of return from an issuer of the annuity. Payouts are guaranteed at a fixed amount every month or other time period.
A variable annuity offers the advantage of investing with tax-deferred growth of the funds invested. The issuer of the annuity may offer a variety of underlying investment options to which a client can allocate funds. The client can tailor the various options to suit the client's tolerance for risk and desire for potential rewards. In addition, as tax may be deferred until the funds are withdrawn from the annuity, any earnings over the life of the annuity generally compound faster than taxable and other investments.
With a variable annuity, premiums may be invested in stock and bond funds. The value of the annuity and the client's return on premiums invested is directly related to how well the stocks and bonds perform. The type of investment funds selected for the variable annuity depends on the level of risk a particular client is willing to assume. The payout may be a fixed amount each month (or other time period) or a variable payout. The amount of the variable payment may be based on the performance of the underlying funds in the annuity, which may vary. Variable annuities may also offer the option to place funds in fixed-income accounts.
When purchasing an annuity, various payment options may be available. A client may pay once with a single premium, periodically with level-premium amounts, or periodically with flexible-premium amounts.
Other considerations may enter into a client's investment decision process. Such other considerations may include various regulatory issues. For example, some states have implemented a free-look requirement which entitles a client to a free look period after the purchase of a financial product such as an annuity. This free-look period typically enables a client to cancel the annuity and receive a full refund within the free-look period, depending on the specific terms of the client's contract or state law. In addition, a client may be protected by a state guaranty association in the event that the issuer of the annuity has financial troubles. Different states offer varying levels of guarantees.
As annuities and other financial products offer various investment options and may be customized to a client's needs and concerns, the process for determining client qualifications and purchasing a financial product, such as an annuity, is oftentimes complex and overly burdensome. A particular set of forms for purchase of the desired financial product must be properly completed by the client or client representative.
These and other drawbacks exist with current methods and systems.